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Leo Capital Share Discussion Threads
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|The website http://www.leocapital.org/ also has a good overview of the portfolio.
Worth reading through the admission document - some of the book values which are listed seem to be pretty conservative - i.e Energy Cranes International is booked at £21m - Leo Cap's largest single investment with a 82% stake.
UK turnover for that business exceeds £100m - the exit price is likely to be a pretty high premium to the book value. However some of the dotcom investments look a bit ropey (though they have already revalued these with a right down).
I bought in at 62p but am waiting for some disposals before selling. Discount between share price and NAV should narrow.|
|Good result for those that tendered - 71.3p.
Suggest you look at the Final results
which lists the top holdings
|What investments does LEOC actually hold? Is there a table somewhere?|
|If the nav hasn't changed much from the 31 March estimate of 90pps then the buy back would be between 63p and 72p yet there seem to be buyers at 70p. The buy back itself would add about 2p and I assume that the likely outcome of the tender is as yet unpredictable so surprisingly, unless the buyers are lemons, the nav could be higher than expected or the resultant discount after the restructure could be less than 20%.|
|purely on what chart says ! but who knows for sure in markets and we must expect the unexpected at all times ! But charts are next best thing to a crystal ball i guess!|
|seems to be NOR situation on chart and should now move higher in short term .|
|I tendered my shares, largely because it was too small a holding to jusify keeping. Share price is at quite a discount, but their investment record over the last 5 years hasn't been that good. The really good investments were made by Lord Rayne some 10-20 years ago!|
|Anyone know what the split is for capital gains tax between cost for LMS shares and LEO shares? Depends on first day quotes - so I suppose
LMS 200p -77%
LEO 60p - 23%
Many thanks for your considered reply.
I invested in LMS some years ago for the legendary Max Rayne property expertise. Since Robert Rayne has been in charge he is obviously more interested in the private equity base and I therefore welcome the split between the two businesses.
There are a number of good holdings in Leo capital but the returns are more lumpy and I am disappointed that they have not yet found a new CEO which I agree is likely to lead to drift in the share price.
So I will probably tender at the 24/26% range as I would expect to reinvest the proceeds in LMS. I will however keep LEO on the watchlist and if (as I have sufficient funds in recovery turnarounds such as Rutland Trust, Pelude and EPIC) the price drifts pick up a new stake at a lower price.
|What are the disadvantages of accepting the tender offer?|
|excue my ignorance the directors buys were beneficial...whats that mean?|
|I didn't think it would be the same, but you never know. If Phil Edmonds can do it, why not Aggers. Mind you, Aggers used to specialise in straight deliveries I believe, so maybe he wouldn't be suited to being a small cap Director....|
|I rather think JA is an older version who used to be Chairman of Nationwide Building Society but I could be wrong.|
|Btw- Jonathan Agnew. Is that the ex-cricketer?|
|Tinker- to be honest I'm only vaguely interested. I set up threads on shares that have crossed my radar for further investigation, to facilitate that investigation. In LEOC's case I haven't been able to do any detailed evaluation. I agree with you though that the director buys are interesting.|
Seems like you and I are the only ones interested in LEO, which is strange since so many shares have changed hands since the split.
Some encouraging director buying in the last 2 days.|
|Nice one, lets hope for good times ahead!|
|LEO Capital (LOEC) was the investment arm of London Merchant Securities (LMSO) the property company. LEOC was floated off on AIM today and has attracted a large volume (mainly Buys). It also leaves LMSO as a pure property play.
NAV is said to be 90p per share so at 64p today, the shares look interesting if risky.
Leo Capital Plc Leo Capital joins AIM
Leo Capital Plc
12 June 2006
12 June 2006
Leo Capital plc ("Leo Capital" or "The Company") joins AIM
Leo Capital, an investment company with stakes in public and private US and UK
companies and funds, today announces the first day of trading of its shares on
the AIM market of the London Stock Exchange, under the ticker LEOC.L.
Admission to trading follows a demerger from London Merchant Securities. The
company has announced its results for the year ended 31st March 2006 today and
reported a pro forma net asset value per share at 31 March 2006 of 90 pence per
N M Rothschild & Sons Limited is acting as lead financial adviser and nominated
adviser to Leo Capital plc. JPMorgan Cazenove Limited is acting as joint
financial adviser and corporate broker to Leo Capital plc.
Robert Rayne, Chief Executive, commented:
"This is a very significant day for Leo Capital as it starts life as an
independent public company. It has had a long and successful track record as
part of London Merchant Securities. This admission allows Leo Capital the
freedom to manage its assets, pursue an independent business plan and develop
its own shareholder base.
Leo Capital has clear investment objectives which are to invest in defined
growth sectors where management have prior investment experience and/or in which
a major "platform" investment can be made, and seek realisations where the
company believes the proceeds could generate better returns deployed elsewhere.
The principal sectors for investment are Energy (including alternative energy),
Applied Technologies, Media and leisure, and Healthcare and medical."
Leo Capital plc
Robbie Rayne Acting Chief Executive Officer 020 7935 3555
Tony Sweet Chief Financial Officer 020 7935 3555
Simon Sporborg 020 7404 5959
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